NBER Working Paper No. 2949. Issued in April 1989. NBER Program(s): ME. This study investigates the stability of long-run log-linear demand functions for narrowly defined monetary aggregates (M1, Monetary Base) in the U.S. during the post World War II period. The hypotheses that the individual time series which appear in such equations (real M1, real Monetary Base, real Personal Income and short-term and long-term nominal interest rates) all have unit roots cannot be rejected.
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Balanced Rock. South of Buhl in the Salmon Falls Creek Canyon stands world-famous Balanced Rock. Over 48 feet tall and 40 tons, the wind-carved rock balances precariously on a pedestal only 3 feet by 17 inches. ...[more]